Current Affairs - Defence - Discussion

The Union government has set up a steering committee to consider various issues relating to the development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship. The move is a follow up to the announcement made by Finance Minister Arun Jaitley in his Budget speech of 2018-19. The 8-member committee headed by Economic Affairs Secretary, Subhash Chandra Garg will also focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs. According to the terms and reference, the committee will take stock of the developments in the fintech sector globally, and in India. It will also work with Government agencies like UIDAI to explore creation and use of unique enterprise identification number.